Wed, Nov 13, 6:20 PM (30 days ago)
For the quarter ending September 30, 2024, Cross Timbers Royalty Trust (CRT) reported a significant decline in financial performance, with net profits income of $1,698,000, down 37% from $2,676,000 in Q3 2023. This decrease was attributed to lower oil production, increased production expenses, and reduced gas prices. Consequently, distributable income fell to $1,521,000 ($0.254 per unit), compared to $2,451,000 ($0.409 per unit) in the prior year. For the nine-month period, net profits income decreased by 48% to $5,100,000, reflecting similar trends. Total revenues for Q3 2024 were $4,588,000, a 15% decline from the previous year, driven by decreased oil sales. Costs also rose, particularly production expenses, which increased by 34%. The Trust maintained a cash reserve of $1,000,000 for expenses and reported total assets of $4,091,000 as of September 30, 2024. Looking forward, uncertainties in oil and gas prices, production volumes, and operational costs could impact future earnings. The Trust's performance metrics indicate a challenging environment, necessitating close monitoring of market conditions and operational efficiency.